Monday, July 30, 2007
HELIOS AND MATHESON ........... THE FRAUD COMPANY.........?
All share holders are advised to write to the regulatory authorities. Who if we all share holders collectively write to them in large numbers will then be forced to start an investigation in the interest of all of us.
The following messages are on money control about Helios
You are here : Moneycontrol MMB Stocks Helios and Matfraud company--operated by fraud broker (8) 28-Jul-07 22:15Tracked by (0)Posted by: ribug on ( 28-Jul-07 22:15 ) Price : BSE: Rs 140.85 ( -3.92 % ), NSE: Rs. 140.85 ( -3.66 % ) this is fraud copaby operated by fraudelent operator motilal oswal; price may be operated any time any day as he has terminals all across india ; pls be careful about this mafia of operators let us join abd fightdr sunil 9915068992 yahoo id --ribuge
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Sucheta Dalal's article 13 feb 2006
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Sucheta Dalal article 19 feb 2006
Business LineBusiness Daily from THE HINDU group of publications Friday, Oct 13, 2006 - ePaper http://www.thehindubusinessline.com/2006/10/13/stories/2006101300960500.htm
STOCK VINDALOO - SHADY INDIAN INVESTORS TAKE GRIP OF A U.S. FIRM - Aug 7, 2006.[Kannan Ramasamy] had been running the U.S. operations of an Indian outsourcing company called Scandent Group, when in 2002, [Dinesh Dalmia] sold the company millions of dollars worth of U.S. business contracts that he had apparently stolen from his own backers in India.In early 2006, yet another man with close ties to Dalmia, [Pawan Kumar], joined Scandent in a top job, as head of its operations in India. Kumar had earlier worked directly for Dalmia as chief executive of a Dalmia-controlled company called DSQ Software Ltd.As it happened, DSQ Software was the very same company that Dalmia had looted of its U.S. business contracts. Now, Scandent was apparently inviting Dalmia's top man in India back to help manage the stolen assets.
The brewing battle between Helios & Matheson (H&M) and Rajeev Sawhneyover vMoksha has brought to light several interesting facets of itsoperation, through a due diligence report by Pricewaterhouse Coopers(PWC). We learn that H&M started life in 1991 as a money changingcompany named Express Financial Exchange Pvt Ltd. It changed its nameand switched to software development in time to catch the dotcom boomin 1999, raised public money, got listed and quickly set up severalinternational subsidiaries. Yet, PWC says it could obtain only sketchydetails about its contracts and income recognition. The report furthersays that 82 per cent of the promoter shareholding (3.6 million sharesof G. Annapurna and Padmaja) is pledged with Bank of India, UTI Bankand State Bank of Mauritius and five of its top 10 shareholders arebrokerage firms; the public shareholding is 36 per cent. PWC says thatthe company had 77 requests for duplicate shares (duplicate sharecertificates have been issued to its fifth-largest shareholder AstralVentures) and it failed to get a direct confirmation of ownership bydifferent parties as registered by the two depositories, NSDL andCDSL.
Check more
Check more on H&M Sucheta- Check the H&M promoters backgroundsespecially how in earlier venture-Ficidies India- they defauled onloans to banks such as SBI &Grindlays and gave the slip to severalsuppliers and employees .Decrees were also passed in courts againstthem at that time You should begin an investigation of H&M's reportedfinancials especially its cash flows - which give pointers to the realpicture of how the company is managing its numbers .Such a high levelof bank&other borrowings and huge levels of capitalised intangibleassets for a company -which reports having conistent and goodprofits/margins- seems to indicate the numbers are cooked upThis column itself raises a lot of pertinent questions about the dealitself and the transparency of both partiesH&M started as a NBFC-Express FInancial exchange Ltd in1991 and after8 years changed tracks to IT in 1999 and came out with an IPO .Even atthat time several artciles incl in FE raised issues about the qualityof iis disclosures and numbers.
29th January, 2007 (Indian Express - Mumbai/New Delhi)
For over a year now, Rajeev Sawhney, the non-resident Indianfinancier of Vmoksha Technologies has been knocking the doors ofevery regulator to establish gross irregularities in a deal to sellvMoksha to Helios & Matheson (H & M) Information Technology. Healleges that Pawan Kumar, his partner and chief of Indian operationssurreptitiously opened an account with State Bank of Mauritius in thename of Vmoksha Technologies. The bank in turn opened this accountwith Pawan Kumar's signature alone and also lent it $13.5 million (on28th June 2005) that was swifly transferred to H & M. Sawhney says,if H & M bought vMoksha at $ 19 million, why was vMoksha transferring$13.5 million to it? Sawhney's complaints to the two national boursesand the market regulator have been ignored.
But a criminal complaint filed with the Metropolitan magistrate'scourt in Mumbai was admitted on 19January and summons issued to StateBank of Mauritius officials, H & M and Pawan Kumar. This may finallysolve the mystery of the alleged sale of vMoksha to H & M beforeanother litigation filed at Chennai winds its way through the legalsystem.
We have filed a complaint to the following 3, They have requested thatmore and more shareholders write to them so that it will be possibleto conduct an enquiry:
__________________________
All shareholders are requested to write the following draft letter to :-
July 30, 2007
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio no ____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.
I have noticed that the Company's share price had fluctuatedabnormally in the past years which need to be investigated.
In fact in 2nd June 2005, they published that they were acquiring aCompany called vMoksha Technologies Private Limited which did notfructify, because of this the share price went up from Rs. 73/- pershare to Rs. 500/- per share.
In my opinion the company is inflating its earnings and also showingto the general public that they are taking over companies and thenrigging the company's share price thereby defrauding all the publicwho would lose money.
I request you to investigate the affairs of this company in theinterest of the shareholders and also in public interest since one daythis will become a major concern for all shareholders who would losetheir savings.
Thanking you,Yours sincerely,
(Shareholders Name and signature)
All shareholders are requested to write the following draft letter to :-
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio no____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.
I have noticed that H & M have committed a fraud with vMokshaTechnologies Limited, Mauritius for the following matters:1. Opening of Bank Account with State Bank of Mauritius in the name ofvMoksha Technologies Limited, Mauritius2. A forged Circular Resolution duly signed by Mr. Pawan Kumar withouttaking the authority or the approval of the other Directors3. Loan was applied for $13.5 Million on 28th June 2005 with StateBank of Mauritius4. Loan was approved by State Bank of Mauritius, Mumbai Branch also on28th June 2005.5. Funds are duly credited into the Bank Account of Vmoksha Mauritiusand on the same day the funds were transferred to Helios & MathesonChennai Account with the State Bank of Mauritius Chennai Account6. State Bank of Mauritius took a lien letter for pledge of theseproceeds/funds from Helios & Matheson.7. Helios & Matheson have immediately transferred back the same amountto the account opened in the name of Vmoksha Mauritius.A criminal complaint has been filed in the courts at Mumbai againstHelios & Matheson and its Directors for fraud.In fact the details of this fraud is know to all and is all over the internet.I request you to investigate the affairs of this company in theinterest of the shareholders and also in public interest since one daythis will become a major concern for all shareholders.
Thanking you,Yours sincerely,
(Shareholders Name and signature)
The Regional Director,
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio no____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.
I have noticed that State Bank of Mauritius also took personalguarantees of Mr. Ramachandran, Chairman and Mr. G K Muralikrishna ofM/s. Helios & Matheson Information Technology Limited for granting ofthe fraudulent loan of US$13.5 Million to vMoksha TechnologiesLimited, Mauritius
The Directors have violated the provisions of FEMA 1999 and this willneed to be investigated. Your investigations on how the company andits directors will help the public interest and the governmentauthorities to check what this company is doing.
Please do the needful.
Thanking you,Yours sincerely,
(Shareholders Name and signature)
--------------------------------------------------------------------------------------------
All shareholders are requested to write the following draft letter to :-
July 30, 2007
The Regional Director,
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio No____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.
I have noticed that the Auditors of Helios & Matheson since inceptionare M/s. Venkatesh & Company who was the Auditors of RoyapettahBenefit Fund Nidhi Limited – Chennai. Royappettah Benefit Fund NidhiLimited was the fund which cheated laksh of depositors in Chennai andother places.
I have noticed that one of the partners of M/s. Venkatesh & Companyhas been held guilty of misconduct by the council of the Institute ofChartered Accountants and the same partner was involved in theacquisition of a company called vMoksha Technologies Private Limited,Bangalore.
I as a shareholder of the Company want your department to investigatehow this firm, has continued to be a director that too of a listedcompany which is also involved in price rigging and fraudulentactivities.
Thanking you,Yours sincerely,
(Shareholders Name and signature)
_______________________________________________________________
All shareholders are requested to write the following draft letter to :-
July 30, 2007
Registrar of Companies
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio no ____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.
I have noticed that the Company's share price had fluctuatedabnormally in the past years which need to be investigated.
In fact in 2nd June 2005, they published that they were acquiring aCompany called vMoksha Technologies Private Limited which did notfructify, because of this the share price went up from Rs. 73/- pershare to Rs. 500/- per share.
In my opinion the company is inflating its earnings and also showingto the general public that they are taking over companies and thenrigging the company's share price thereby defrauding all the publicwho would lose money.
I request you to investigate the affairs of this company in theinterest of the shareholders and also in public interest since one daythis will become a major concern for all shareholders who would losetheir savings.
Thanking you,Yours sincerely,
(Shareholders Name and signature)
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio no____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.I have noticed that H & M have committed a fraud with vMokshaTechnologies Limited, Mauritius for the following matters:1. Opening of Bank Account with State Bank of Mauritius in the name ofvMoksha Technologies Limited, Mauritius2. A forged Circular Resolution duly signed by Mr. Pawan Kumar withouttaking the authority or the approval of the other Directors3. Loan was applied for $13.5 Million on 28th June 2005 with StateBank of Mauritius4. Loan was approved by State Bank of Mauritius, Mumbai Branch also on28th June 2005.5. Funds are duly credited into the Bank Account of Vmoksha Mauritiusand on the same day the funds were transferred to Helios & MathesonChennai Account with the State Bank of Mauritius Chennai Account6. State Bank of Mauritius took a lien letter for pledge of theseproceeds/funds from Helios & Matheson.7. Helios & Matheson have immediately transferred back the same amountto the account opened in the name of Vmoksha Mauritius.
A criminal complaint has been filed in the courts at Mumbai againstHelios & Matheson and its Directors for fraud.
In fact the details of this fraud is know to all and is all over the internet.I request you to investigate the affairs of this company in theinterest of the shareholders and also in public interest since one daythis will become a major concern for all shareholders.
Thanking you,Yours sincerely,
All shareholders are requested to write the following draft letter to :-
Registrar of Companies
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio no____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.
I have noticed that State Bank of Mauritius also took personalguarantees of Mr. Ramachandran, Chairman and Mr. G K Muralikrishna ofM/s. Helios & Matheson Information Technology Limited for granting ofthe fraudulent loan of US$13.5 Million to vMoksha TechnologiesLimited, Mauritius
The Directors have violated the provisions of FEMA 1999 and this willneed to be investigated. Your investigations on how the company andits directors will help the public interest and the governmentauthorities to check what this company is doing.
Please do the needful.
Thanking you,Yours sincerely,
(Shareholders Name and signature)
------------------------------------------------------------------------------------------------
All shareholders are requested to write the following draft letter to :-
July 30, 2007
Registrar of Companies
Subject: Criminal ComplaintCompany Name: Helios and Matheson Information Technology LimitedRegistration No: L65921TN1991PLC020443
I am a shareholder of Helios and Matheson Information TechnologyLimited ( Folio No____) having its office at Adwave Tower, 9 SouthBoag Road, T. Nagar, Chennai – 600 017.
I have noticed that the Auditors of Helios & Matheson since inceptionare M/s. Venkatesh & Company who was the Auditors of RoyapettahBenefit Fund Nidhi Limited – Chennai. Royappettah Benefit Fund NidhiLimited was the fund which cheated laksh of depositors in Chennai andother places.
I have noticed that one of the partners of M/s. Venkatesh & Companyhas been held guilty of misconduct by the council of the Institute ofChartered Accountants and the same partner was involved in theacquisition of a company called vMoksha Technologies Private Limited,Bangalore.
I as a shareholder of the Company want your department to investigatehow this firm, has continued to be a director that too of a listedcompany which is also involved in price rigging and fraudulentactivities.
Thanking you,Yours sincerely,
(Shareholders Name and signature)
All shareholders are requested to write to the following also if they so desire :-
Address of Authorities :
Shri Sudhir Nath Director (Enforcement)
Mr.Arun Kumar Join Director (Special Crimes)
The Assistant Director (Interpol)
Mr.Jitesh Khosla
The Chairman
Sub: The Auditors of this fraudulent company 'M/S Helios & Matheson"are M/S. Venkatesh and Co
Dear Shareholders
We bring forth to you all another challenge for our regulators on afraudulent company listed on the BSE / NSE – M/S Helios & Mathesoninformation Technologies Ltd Chennai.
The Auditors of this fraudulent company 'M/S Helios & Matheson "areM/S. Venkatesh and Co
Mr. V. DasaratyPartnerVenkatesh & Co.Chartered Acccountants151, Sri RangaMambalam High RoadT. Nagar,Chennai 600017Tel 91-44-28144763
This Audit firm M/S Venkatesh & Co Chennai have a reputation inChennai of representing from inception only fraudulent companies.
The confirmation of this statement can be noted from the followingmessages / articles.
M/S Venkatesh & Co were the auditors of the:
'Royapettah Benefit Fund Nidhi Limited' - Chennai
This fund cheated depositors for an amount of 500 crores.
M/S Venkatesh & Co were their Auditors since inception similar totheir presently being Auditors for M/S Helios & Matheson.- Chennai. _____________________________________________________________________
Financial DailyFrom THE HINDU group of publicationsSunday, August 20
CLB to set up new board for RBF NidhiOur Bureau
CHENNAI, Aug. 19
THE Company Law Board would constitute a new board of directors forthe Chennai-based RBF Nidhi Ltd in the first week of September. Mr.K.J. Pappachen, director of RBF Nidhi, told a press conference thatthe earlier CLB-constituted board had resigned en masse due todifferences over the appointment of auditors. All but Mr. Pappachenhad sent in their resignations to the CLB on July 12, a day after theboard had approved the appointment of Sivaram & Raj, charteredaccountants, to undertake a special audit that would look into thepresent financial situation of the nidhi. He said that four directorsour of six did not want a change of auditors, (Venkatesh and Company,who were the auditors of the nidhi since its inception), but werepersuaded to accept new auditors. ``They (Venkatesh and Company) didnot perform their role diligently as auditors and they also colludedwith the management to paint a wrong picture in respect of finances,and they did not deserve to be auditors,'' Mr. Pappachen alleged. TheCLB had asked the board to function till August 31 after which a newboard would be constituted. He also opined that the new board shouldhave majority representation from depositors (unlike the earlierwhere, there was only one depositor representative on the board). Itmight be noted that Mr. Pappachen is a depositor representative on theboard of directors and is also the only director who did not submithis resignation when others did.
Please note that one of the partners of Venkatesh & Co has been heldguilty of misconduct by the council of the Institute of CharteredAccountants.
Also a partner of PWC (and now again PWC involved in theHelios/VMoksha fraudulent deal)
Panel of Auditors>>Notice20th January, 2005
IRDA/NOT/F&A/067/Jan-05Notice
A. The Institute of Chartered Accountants of India (ICAI) vide Lr. No.PD/333/2004-05, dt. October 28, 2004 has intimated to the Authoritythe list of members who have been held guilty of misconduct by theCouncil of the ICAI. Accordingly the names of the following CharteredAccountants have been removed from the Panel of Auditors maintainedwith the Authority.
1. K.H. Vachha, M/s Price Waterhouse, Kolkata (M.No. 30798)2. 2. S. Govindarajan, M/s Venkatesh & Co.(M.No. 18339)
B. The ICAI has also forwarded the list of the firms where there is adispute among the partners with regard to retirement of a partner.Names of these which are also empanelled with the Authority areindicated below:
1. M/s Sri Ravi Varma & Co., New Delhi (FRN 000859 N)2. M/s Hem Sandeep & Co., New Delhi (FRN 09907 N)3. 3. M/s Bharakatia & Co., Jaipur (FRN 001637 C)
Insurers are requested to note the same for requisite necessary actionat their end.
(C.S. Rao)Chairman
Please note that in the 'RBF' fraud M/S State Bank of Mauritius – is involved
(Presently State Bank Of Mauritius is involved in the fraud committedby M/S Helios & Matheson in connivance with The State Bank ofMauritius in the VMoksha deal)
Thursday, Feb 23, 2006Chennai
Supreme Court stays arrest of former RBF Nidhi CEOJ. VenkatesanApex Court issues notice to State
NEW DELHI: The Supreme Court has stayed the arrest of the former ChiefExecutive Officer of Royapettah Benefit Fund Nidhi Limited, K.Rajagopal, on his anticipatory bail application in a case of allegedbreach of trust and cheating. The Bench of Justice K.G. Balakrishnanand Justice P.P. Naolekar, issued notice to the State Government on aspecial leave petition against a Madras High Court order rejecting hisanticipatory bail. In his petition, Mr. Rajagopal said this was atypical case of abuse of the criminal justice system by vestedinterests to sabotage recovery of huge amounts of depositors' moneyfrom defaulters and money launders, initiated by him in his capacityas the CEO of the Board of Directors of RBF Ltd., constituted underthe directions of the Company Law Board and Department of CompanyAffairs. This case also brought to the fore the mechanism by whichpersons, who went after the defaulters of public money, could beharassed and victimised. The complaint against him from a depositorwas that without any power, he transferred Rs. 20 lakh from the StateBank of Mauritius, which paid 5.75 per cent interest, to the StateBank of Travancore, which paid 5.25 per cent interest, thus causing aloss to the RBF Nidhi and its depositors. Assailing the January 25High Court order, he said the court ignored the fact that funds in anationalised bank were more secure. He contended that the money wasinvested in a nationalised bank with proper authorisation from theBoard, and there was no personal gain for him.
Please note that the association of depositors of RBF are referring to Helios:
' Regulators are not taking tough measures against defaulters evenafter the collapse of CRB, DSJ, Prudential, Helios and hundreds ofother finance companies'.
Sunday, November 26,
MUMBAI/CHENNAI, NOV 25: An association of depositors of RoyapettahBenefit Fund (RBF) today demanded a CBI probe to find out how thedefaulting Chennai-based 'nidhi' company was given certificates ofsoundness by the Reserve Bank of India and Department of CompanyAffairs every year since 1995-96. RBF Nidhi Ltd Depositors' WelfareAssociation president R Seshadri told reporters here that RBF almostcollapsed in 1995-96 due to the improper sanctioning of crores ofrupees as loans without proper security, but the agencies which hadgone through all documents had certified the company to be sound.''The depositors, to whom the company owes over Rs 500 crore, havedoubts about the correctness of certificates given by RBI, Company LawBoard and Company Affairs Department,'' he said, adding only a CBIprobe would unravel the truth. The Association's efforts had resultedin RBF repaying 10 per cent of the deposits, but this amounted to Rs52 crore. They were aggrieved that the government had not takentangible steps to force five 'mega-borrowers' (who owe nearly Rs 400crore together) to repay their dues quickly, or bring to book thoseresponsible for improper sanction of loans. "Regulators are not takingtough measures against defaulters even after the collapse of CRB, DSJ,Prudential, Helios and hundreds of other finance companies,'' said aninvestor. The Association's general body will meet here on Nov 27 toconsider a proposal from the new Chairman to revive its operations.Its office-bearers had made it clear that they could agree to therevival only after a minimum of 30 per cent of the deposit money wasrepaid to depositors. Meanwhile, depositors of RBF Nidhi can hope toget some good news. P Sabanayagam, the new special officer of thecompany, is hopeful of paying the third installment to all thedepositors of the company by the end of this financial year. As perthe scheme approved by the Company Law Board, the depositors will bepaid five per cent of their deposits, subject to a minimum of Rs1000.Speaking to The Indian Express, he said the board has takenvarious measures to ensure speedy recovery.
_____________________________________________________________________________________
Money laundering and a serious FEMA violation by the promoters / Chairman/ Managing Director of Helios And Matheson
The alleged “Fraudulent Account “ Opened and loan granted for an amount of US$ 13.5 Million (Approximately Rs. 62 Crores) by State Bank of Mauritius – Mumbai/Mauritius is also without shareholders and local directors knowledge as confirmed above by the then our Company Secretary and Administrator M/S International Financial Services Mauritius. A legal action is contemplated against the State Bank of Mauritius and others. We are also contemplating for a request for inspection of documents held with the State Bank of Mauritius as the loan applied for was with the alleged forged resolution document reading inter alia as under:
It was resolved that:
(a) the company avails itself from State Bank of Mauritius Ltd. of Port Louis, a short term Loan of USD 13.5 m against:
- Personal Guarantee of Mr. V. Ramachandiran (chairman) and Mr. GK Muralisrishna, MD of Helios and Matheson Information Technology Ltd.
- Lien letter for pledge of proceeds by Helios and Matheson Information Technology Ltd.
The account was opened :
Without – Any – Account Opening Form Duly Signed by all directors and
authorized Signatories
Without – Any - Signature Card – Duly Signed by all Directors and Authorised
Signatories
Without – Any - Duly Signed and certified Memorandum and Articles of
Association
Without – Any – Board Approval
Without – Any - Board Resolution Duly Signed by all directors/Company
Secretary
Without– Any- Knowledge of the Company Secretary / Administrator of the
Company
Without – Any – Passport copies and Photographs – Duly signed and certified by /and of all the directors / authorized signatory
Without – Any – Knowledge about our company / Vmoksha’s Financials ie:-
Last three years Balance Sheets duly signed and certified by all
the Directors /Authorised Signatory.
Without – Any – Address Proof of the Company and its Directors and
Authorised Signatory.
Without – Any- Copy of Incorporation and commencement Certificate- Duly
signed and certified by all directories / Authorised Signatories.
Without - Any - Introduction from our existing banker of Vmoksha which is HSBC Mauritius
Without - Any - Initial / Minimum Deposit
Without - Any - Signature Verification of all the Authorised Signatories from Vmoksha's existing bankers HSBC Mauritius.
NO "KNOW YOUR CUSTOMER" as well as NO "DUE DILIGENCE" norms were followed.